• Purchases for C$1 million or more have record jump in Toronto
  • High-end residential sales declined 41% in Calgary last year

The slumping Canadian dollar combined with high demand from foreign buyers is fueling the luxury-housing market in Toronto and Vancouver, according to Sotheby’s International Realty Canada.

Sales of homes for at least C$1 million ($710,000) jumped a record 48 percent to 11,112 transactions last year in Toronto, the country’s largest city, and rose 46 percent in Vancouver from 2014, Sotheby’s said in a report released Thursday. The story was different in Calgary, the heart of Canada’s oil industry, where luxury-home sales were down 41 percent. Demand for high-end real estate in Montreal, meanwhile, rose 15 percent.

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